Making tax digital. ??

[Sharpend]

So this year it’s for VAT registered companies, but next year potentially it will be for every person as its income tax that’ll be going tax digital. So us sole traders will have to pay for the correct software, our accounts will be ‘live’ for the HMRC to see on a monthly basis they are also scrubbing some of what we can claim now as well and still they struggle to get the ‘big’ tax evaders to pay? It’s ok though because is easy targets will supplement the shortfall I guess. Soon it will not be worth being self employed?? 

https://www.simplybusiness.co.uk/knowledge/articles/2019/02/making-tax-digital-guide-for-small-businesses-and-self-employed/

 

[Murdoch]

I thought that people who aren’t VAT registered were not going to have to join this until all the issues were ironed out!

What they want to do is to get us all to make quarterly tax and NI payments rather than six monthly....

what HMRC need to start doing is looking at people who don’t pay any tax more closely, plus with the huge change in payment methods to the cashless society and of course implement a turnover tax for the internet giants

 

[Sidewinder]

Very little changed for us I'm told by Mrs Sidewinder who does our books.

We did have to update our version of Sage, but the one we were running would likely not have run on Win 10 anyway when we upgrade from 7 as it was about a 9 year old version.

Whilst it's called the cloud version, it actually runs & stores data on our local systems.

We have been submitting our returns on the HMRC website for years now anyway.

The only difference was that once the return calculations are run in the software, then you submit it via the package rather than taking the figures and typing them into a website.

Once things go monthly it will be a bit more often, but that’s all apparently.